Oil industry props up Azerbaijan economy

February 05, 2013 - 5:26:37 am

Oil derricks are silhouetted against the rising sun on an oilfield in Baku. Oil in Azerbaijan dates back to the 19th century and though the industry faltered when the country gained independence after the fall of the Soviet Union, investment has returned, new reserves have been tapped and oil started to flow again. Forty-three million tonnes of oil was pumped in 2011 and contributed more than half of the gross domestic product.